Enterprise Financial Services (EFSC) 10-K 2016 FY Annual report

EXHIBIT 12.1

Enterprise Financial Services Corp

Computation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividend Requirement

(unaudited)

	Years ended December 31,
($ in thousands)	2016			2015			2014			2013			2012
Earnings (1):
Income (loss) before income taxes	$	74,839		$	58,401		$	41,044		$	50,080		$	42,830
Add: Fixed charges from below	13,729			12,369			14,386			18,137			28,002
Earnings including interest expense on deposits (a)	$	88,568		$	70,770		$	55,430		$	68,217		$	70,832
Less: interest expense on deposits	(10,841		)	(10,412		)	(10,487		)	(11,142		)	(15,406		)
Earnings excluding interest expense on deposits (b)	$	77,727		$	60,358		$	44,943		$	57,075		$	55,426
Fixed charges (1):
Interest on deposits	$	10,841		$	10,412		$	10,487		$	11,142		$	15,406
Interest on borrowings	2,888			1,957			3,899			6,995			7,761
TARP preferred stock dividends (pre-tax)	—			—			—			—			4,835
Fixed charges including interest on deposits (c)	$	13,729		$	12,369		$	14,386		$	18,137		$	28,002
Less: interest expense on deposits	(10,841		)	(10,412		)	(10,487		)	(11,142		)	(15,406		)
Fixed charges excluding interest expense on deposits (d)	$	2,888		$	1,957		$	3,899		$	6,995		$	12,596
Ratio of earnings to combined fixed charges
Excluding interest on deposits (b/d) (2)	26.91x			30.85x			11.53x			8.16x			4.40x
Including interest on deposits (a/c)	6.45x			5.72x			3.85x			3.76x			2.53x
Ratio of earnings to combined fixed charges and preferred dividends:
Excluding interest on deposits (b/d) (2)	26.91x			30.85x			11.53x			8.16x			6.52x
Including interest on deposits (a/c)	6.45x			5.72x			3.85x			3.76x			2.85x
(1) As defined in Item 503(d) of Regulation S-K.
(2) The ratio of earnings to fixed charges and preferred dividends, excluding interest on deposits, is being provided as an additional measure to provide comparability to the ratios disclosed by all other issuers of debt securities.